Weekly Newsletter – 09-22-17

 

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FEATURED LOAN PROGRAMS

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203K Renovation Loans

True Grant

  • The FHA 203K Renovation loan allows a buyer to purchase (or refinance) and renovate a property with one loan and one closing.
  • With one loan, there is only one application, one set of fees, one closing and one monthly payment.
  • Improvements can include anything that adds value to the home, such as room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen.
  • The loan can also be used for energy-efficiency improvements.
  • Zero interest never to be returned
  • Available for Conventional and FHA loans
  • Minimum Credit Score FHA 640 ; Conventional 640
  • Maximum Debt to Income 45%. Subject to Underwriter approval.
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“Never force anything. Just let it be. If it’s meant to be, it will be.”

– Anonymous

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – September 21, 2017

Weekly Mortgage Applications – 09-20-17

  • 30 Year Mortgage Rate increased to 3.83% compared to 3.78% last week. The 30 year rock bottom rate touched in last 10 years is 3.49%
  • 15 Year Mortgage Rate increased to 3.13% compared to 3.08% last week. The 15 year rock bottom rate touched in last 10 years is 2.77%
  • 5/1 Adjustable Rate Mortgage Rate increased to 3.17% compared to 3.13% last week. The 5 year rock bottom rate touched in last 10 years is 2.76%
  • Rates are still low. Purchase or Refinance before rates move up further
  • Mortgage applications decreased 9.7 percent for the week ended September 20, 2017
  • Mortgage apps move in the inverse direction of rates
  • Rates are still extremely low, so get your fixed rate loans now.If already on a fixed  30 year rate, change to a 15 year fixed loan and cut your term!
  • Share your comments on our Facebook page!
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“You will bever change your life until you change something you do daily. The secret of your success is found in your daily routine”

– Anonymous

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HOUSING AND ECONOMIC DATA

Freddie Mac Percentages – ARM – Refinancing Applications and Origination – Refinancing Debt – Actual Vs Forecast – July 2017

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  • Refinancing Share Origination actual is at 45% in 2015. Forecast for 1st quarter of 2016 increased to 51%. Forecast for 1st quarter of 2016 is 51% and will decrease to 50% in the last quarter of 2016. Forecast for 1st quarter of 2017 is at 42% and will be 28% by the last quarter of 2017. Forecast for 2018 will be 30% in the 1st quarter and 23% in the last quarter.
  • Change in Residential Mortgage Debt is 2.5% in 1st quarter of 2017. Forecast for 2nd quarter of 2017 will be 4.0% upto 4.3% in the last quarter. Forecast for 2018 will be 4.4% and will increase to 4.9% in the last quarter
  • Share your comments on our Facebook page!
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Freddie Mac Housing Starts – Home Sales – House Price Appreciation – Home Price Index – Actual and Forecasts – July 2017

Bay Area County Homes Sales Report – July 2017

  • Housing Starts actual increased to 1.25 Mn in 1st quarter of 2017. Forecast for 2nd quarter of 2017 is 1.25 Mn going up to 1.30 Mn in last quarter of 2017. Forecast for 1st quarter of 2018 is 1.33 Mn going up to 1.38 Mn in last quarter of 2018
  • Total Home Sales Actual increased to 6.22Mn in 1st quarter 2017. Forecast for Total Home sales for 2017 is at 6.20 Mn in 2nd quarter until last quarter of 2017. Total Home sales for 2018 is at 6.15 Mn in 1st quarter and up to 6.40 Mn in the last quarter
  • FMHPI house price appreciation actual is at 1.6% in 1st quarter of 2017. House price appreciation forecast for 2017 is at 1.7% in the 2nd quarter and will decrease to 1.3% in the last quarter of 2017. House price appreciation forecast for 2018 is at 1.3% in the 1st quarter and 1.1% in the last quarter
  • Share your comments on our Facebook page!
  • Average Bay Area county selling price for counties analysed was $1,079,054 in July 2017. Santa Clara County led with the highest average selling price at $1,893,108, followed by San Mateo County at $1,694,606, Alameda County at $850,436, Contra Costa County at $797,447, San Benito County at $712,280, Santa Cruz county at $707,097 and Monterey County at $577,630.
  • Total Average Days on Market in Bay Area counties analysed was 62 days. 99 for Monterey County, 82 for San Benito County, 73 for Santa Cruz county, 59 for Contra Costa county, 56 for Santa Clara County, 49 for Alameda county and 48 for San Mateo county
  • Bay Area counties analyzed had Listings Sold of 4759 in July 2017. Santa Clara County had the highest at 1,408, followed by Alameda County at 1,280, Contra Costa County at 1,155, San Mateo County at 480, Monterey County at 215, Santa Cruz County at 167 and San Benito County at 50
  • Total average Sales Price / List Price in Bay Area counties stood at 102.44% in July 2017. San Mateo County had the highest average Sales Price/ List Price at 104.26% followed by Contra Costa County at 102.03%, Santa Cruz County at 99.25%, San Benito County at 99.82%, Alameda County at 104.89%, Santa Clara County at 104.28% and Monterey County at 98.07%
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“No one can make you feel inferior without your consent.”

– Eleanor Roosevelt

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FEATURED LOAN PROGRAM

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Zero Down Loan

  • Down Payment Assistance (DPA) for up to 5%. DPA is a true grant bearing no interest with no repayment required. FICO 640+
  • Owner Occupied homes only. Owner Occupied homes only Not limited to first time homebuyers.
  • Subject to underwriter approval.
  • DPA is only for down payment and closing costs. No cash back allowed.
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Remove Mortgage Insurance

Jumbo Loan

  • Single loan to 95% with no mortgage insurance (with lender paid mortgage insurance)
  • Break up your loan into 80% first and 10% second and save MI.
  • Refinances and Purchases OK. Refinance to 80% and get rid of MI
  • Automated underwriting only
  • With a jumbo mortgage, you’ll get low rates for your jumbo loan
  • Loan amounts as low as $300,000 and up to $2.5Mn
  • Back end ratios to 49.99%. Interest only options
  • Asset Depletion program.We can use estimated income based on assets in hand
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Quick Turnaround and Closing

With inhouse underwriting and funding. Call me and let’s make it happen!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW

“A flower does not think of competing to the flower next to it, it just blooms.”

– Zen Shin

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WEEKLY NEWS UPDATE!

More homebuyers coming in with all-cash offers

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The US cities with the biggest housing bubbles

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Jobs report misses, unemployment rate climbs

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Fed keeps U.S. rates steady, to start portfolio drawdown in October

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“Have more than you show, and speak less than you know.”

– William Shakespeare

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OTHER NICHE LOAN PROGRAMS

Product Loan And Niches

Niche Loan Programs

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  • Conventional Loan
  • FHA Loans
  • 100% VA Loans
  • Jumbo Loans
  • Zero Down Loan
  • 2 VA Loans
  • 1 Year Tax Verification
  • Remove Mortgage Insurance
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Second Opinion Doesn’t Hurt!

Talk to me today about your scenario and let me help you find the perfect solution for you!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW
 

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ABOUT US AND CONTACT US

About Shining Star Funding

Telephone: 925 820 2981

Toll Free:     866 280 0020

Email:          [email protected]

 

 

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